Quickbooks and payroll

QuickBooks Discussion board - Discussions about the popular financial software by Intuit 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Quickbooks and payroll GoBruins 10-11-2006  Re: Quickbooks and payroll klunk 10-11-2006  Re: Quickbooks and payroll GoBruins 10-11-2006  Re: Quickbooks and payroll klunk 10-11-2006  Re: Quickbooks and payroll GoBruins 10-11-2006  Re: Quickbooks and payroll HeyBub 10-11-2006  Re: Quickbooks and payroll GoBruins 10-12-2006  Re: Quickbooks and payroll QB_Guru_Amy 10-12-2006  Re: Quickbooks and payroll HeyBub 10-12-2006  Re: Quickbooks and payroll Peace Frog 10-12-2006  Re: Quickbooks and payroll Golden California Girls 10-13-2006  Re: Quickbooks and payroll Allan Martin 10-13-2006  Re: Quickbooks and payroll HeyBub 10-13-2006  Re: Quickbooks and payroll Mark Bole 10-14-2006
Posted by GoBruins on October 11, 2006, 11:24 am Please log in for more thread options hi all, forgive me if this question has been asked before a million times. i've started to use Quickbooks recently, and have become fairly proficient. my employer now wants to do payroll in-house, rather than outsourcing it. we only have about 5 employees. i'm brand new to payroll concepts, but i imagine it's not rocket science. i've found a site that does the calculations for you: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp i'd imagine that there must some Excel templates out there as well. i noticed that Intuit offers some kind payroll service where you are allowed 13 downloads of something for $199/year. what exactly is downloaded, and why would someone need 13 downloads? what would be the benefit of this service, as opposed to calculating it using the aforementioned website? thanks in advance. Posted by klunk on October 11, 2006, 12:26 pm Please log in for more thread options > > forgive me if this question has been asked before a million times. > > i've started to use Quickbooks recently, and have become fairly > proficient. my employer now wants to do payroll in-house, rather than > outsourcing it. we only have about 5 employees. i'm brand new to > payroll concepts, but i imagine it's not rocket science. i've found a > site that does the calculations for you: > > http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp > > i'd imagine that there must some Excel templates out there as well. > > i noticed that Intuit offers some kind payroll service where you are > allowed 13 downloads of something for $199/year. what exactly is > downloaded, and why would someone need 13 downloads? what would be the > benefit of this service, as opposed to calculating it using the > aforementioned website? This can get confusing, but I'll try my best... These go from cheapest to most expensive, and generally most time-consuming to least time-consuming. 1. The cheapest way to do payroll in QB is to enter payroll as standard checks (Not paychecks. You can use paychecks but be prepared for lots of annoyments.). You have to calculate and enter the tax amounts yourself. You can use memorized transactions to speed data entry. You also need to produce your own federal and state tax reports (941, W2, etc.). You will not be subject to payroll sunsetting (3 years) and will not need to upgrade QB for as long as you want. 2. Next up the ladder is to use the one-time payroll update that comes with QB that currently lasts through the first quarter of the year following the QB version. QB will calculate your payroll and produce federal tax forms. If tax rates or forms change during the year, your taxes may be incorrect. Sometimes this can be ignored, other times you will have to make edits. State taxes can be reported using one of the 3rd party reporting tools like: www.dgrsoftware.com www.qtools.com www.granitesoftware.com You will probably want to upgrade QB every year with this option. 3. The basic payroll, which you mention is currently $199/yr, is the same as directly above, except you get to keep your tax rates and federal tax forms current. You can get away with upgrading QB once every 3 years with this option. 4. Enhanced payroll, which starts at $299/yr, gets you built-in state reporting. You won't need the 3rd party tools -- at least for your state reports -- but it will generally cost quite a bit more. 5. There are more payroll service type options that I won't get into here. Others -- feel free to correct any mistakes... :) Posted by GoBruins on October 11, 2006, 12:52 pm Please log in for more thread options klunk wrote: > > > > forgive me if this question has been asked before a million times. > > > > i've started to use Quickbooks recently, and have become fairly > > proficient. my employer now wants to do payroll in-house, rather than > > outsourcing it. we only have about 5 employees. i'm brand new to > > payroll concepts, but i imagine it's not rocket science. i've found a > > site that does the calculations for you: > > > > http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp > > > > i'd imagine that there must some Excel templates out there as well. > > > > i noticed that Intuit offers some kind payroll service where you are > > allowed 13 downloads of something for $199/year. what exactly is > > downloaded, and why would someone need 13 downloads? what would be the > > benefit of this service, as opposed to calculating it using the > > aforementioned website? > > > This can get confusing, but I'll try my best... > These go from cheapest to most expensive, and generally most > time-consuming to least time-consuming. > > 1. The cheapest way to do payroll in QB is to enter payroll as > standard checks (Not paychecks. You can use paychecks but > be prepared for lots of annoyments.). You have to calculate and > enter the tax amounts yourself. You can use memorized > transactions to speed data entry. You also need to produce > your own federal and state tax reports (941, W2, etc.). You will not > be subject to payroll sunsetting (3 years) and will not need to > upgrade QB for as long as you want. > > 2. Next up the ladder is to use the one-time payroll update that > comes with QB that currently lasts through the first quarter > of the year following the QB version. QB will calculate your > payroll and produce federal tax forms. If tax rates or forms change > during the year, your taxes may be incorrect. Sometimes this > can be ignored, other times you will have to make edits. State > taxes can be reported using one of the 3rd party reporting tools > like: > www.dgrsoftware.com > www.qtools.com > www.granitesoftware.com > You will probably want to upgrade QB every year with this option. thank you for the reply. under this scenario, the "one-time payroll update" would cost us how much? > 3. The basic payroll, which you mention is currently $199/yr, is > the same as directly above, except you get to keep your tax > rates and federal tax forms current. You can get away with upgrading > QB once every 3 years with this option. > > 4. Enhanced payroll, which starts at $299/yr, gets you built-in > state reporting. You won't need the 3rd party tools -- at least for > your state reports -- but it will generally cost quite a bit more. > > 5. There are more payroll service type options that I won't get > into here. > > Others -- feel free to correct any mistakes... :) Posted by klunk on October 11, 2006, 1:08 pm Please log in for more thread options >> 2. Next up the ladder is to use the one-time payroll update that >> comes with QB that currently lasts through the first quarter >> of the year following the QB version. QB will calculate your >> payroll and produce federal tax forms. If tax rates or forms change >> during the year, your taxes may be incorrect. Sometimes this >> can be ignored, other times you will have to make edits. State >> taxes can be reported using one of the 3rd party reporting tools >> like: >> www.dgrsoftware.com >> www.qtools.com >> www.granitesoftware.com >> You will probably want to upgrade QB every year with this option. > > thank you for the reply. > > under this scenario, the "one-time payroll update" would cost us how > much? > The one-time payroll update is free, though it is confusing (probably by design) to get. You have to go through the process to buy the basic payroll option, but you just omit your payment (credit card) info and you will receive a single update. You also want to get the update AFTER Intuit has released the first payroll update for the tax year. For example, if one was to buy QB 2007 this month, you could currently only get a 2006 tax table. You have to wait until about the middle of December, when the 2007 tax table (and forms) becomes available. Before doing this, you will want to turn-on shared downloads in the Options of the "Update QuickBooks" dialog. This will save your updates so you can back up the shared download folder. This will allow you to re-apply the one-time update if necessary in the future (new computer, etc.). Although it is slightly more expensive, I think upgrading QB once every 3 years, but buying the basic payroll subscription is less hassle. You can try getting through the first year on the one-time update to save a couple hundred bucks. Posted by GoBruins on October 11, 2006, 3:20 pm Please log in for more thread options klunk wrote: > >> 2. Next up the ladder is to use the one-time payroll update that > >> comes with QB that currently lasts through the first quarter > >> of the year following the QB version. QB will calculate your > >> payroll and produce federal tax forms. If tax rates or forms change > >> during the year, your taxes may be incorrect. Sometimes this > >> can be ignored, other times you will have to make edits. State > >> taxes can be reported using one of the 3rd party reporting tools > >> like: > >> www.dgrsoftware.com > >> www.qtools.com > >> www.granitesoftware.com > >> You will probably want to upgrade QB every year with this option. > > > > thank you for the reply. > > > > under this scenario, the "one-time payroll update" would cost us how > > much? > > > > > The one-time payroll update is free, though it is confusing > (probably by design) to get. You have to go through the > process to buy the basic payroll option, but you just omit > your payment (credit card) info and you will receive a single > update. You also want to get the update AFTER Intuit has > released the first payroll update for the tax year. For example, > if one was to buy QB 2007 this month, you could currently > only get a 2006 tax table. You have to wait until about the > middle of December, when the 2007 tax table (and forms) > becomes available. > > Before doing this, you will want to turn-on shared downloads > in the Options of the "Update QuickBooks" dialog. This will > save your updates so you can back up the shared download > folder. This will allow you to re-apply the one-time update if > necessary in the future (new computer, etc.). > > Although it is slightly more expensive, I think upgrading QB > once every 3 years, but buying the basic payroll subscription > is less hassle. You can try getting through the first year on > the one-time update to save a couple hundred bucks. great info - thanks again. Similar Threads Posted fudging quickbooks payroll start date if not using qb payroll service September 29, 2006, 10:01 am QuickBooks Pro 2005 (with Payroll subscription) TO QuickBooks Pro 2008 May 29, 2008, 10:12 am Quickbooks and payroll processing July 5, 2008, 9:40 pm free payroll service in Quickbooks? November 27, 2006, 9:47 pm Direct Deposit payroll in QuickBooks January 4, 2007, 11:49 am Exporting payroll data to Quickbooks using PHP March 16, 2008, 2:28 pm Quickbooks 2004 Standard Payroll Sunset October 29, 2006, 1:03 am Re: Quickbooks 2007 one-time payroll update January 10, 2007, 9:33 pm Quickbooks 2007 one-time payroll update January 3, 2007, 7:57 pm QuickBooks Payroll $99.99 at OfficeMax till 1/20/2007 January 17, 2007, 12:12 am